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Shares of First Horizon Corp (NYSE:FHN) have been in focus amid pressure on the broader regional bank sector.
This regional bank has a favorable 2024 outlook, which should allow its stock to continue to outperform peers, according to RBC Capital Markets.
The First Horizon Analyst: On Tuesday, Jon Arfstrom upgraded the rating for First Horizon from Sector Perform to Outperform, while raising the price target from $16 to $18.
The First Horizon Thesis: The company reported strong NIM (net interest margin) expansion in the fourth quarter and is “ahead of peers on capturing margin tailwinds from downward deposit repricing activity and positive funding remixing,” Arfstrom said in the upgrade note.
Check out other analyst stock ratings.
He added that First Horizon could continue to reduce funding costs, improving its margins over the near-to-medium term.
The company’s near-to-medium term fundamental outlook is favorable, “supported by solid balance sheet growth, positive revenue trajectory, reasonable expense trends, and manageable credit outlook,” the analyst wrote. “Furthermore, we see increased potential for more aggressive capital return this year, with a large buyback authorization recently announced,” he further stated.
FHN Price Action: Shares of First Horizon had risen by 0.59% to $15.24 at the time of publication on Tuesday.
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Posted In: FHN
